The device would connect to your Apple devices, specifically the iPhone and iPod line,via Bluetooth in order to transmit information from these devices to the watch.

This isn't the first time we're seeing a concept like this one. Remember the Pebble e-paper smart watch, which raised over $10 million in funding on Kickstarter? The idea belongs to Eric Migicovsky, an engineer, who wanted to develop a line of wristwatches that could display information from an iPhone - like caller ID and text messages. The device has just been sent for FCC approval which indicates it should ship soon.

Casio also introduced a watch this year that communicates with the iPhone via Bluetooth 4.0. The GB6900AA priced at $180 is now available in select stores across the US. The watch connects wirelessly to Apple's iPhone 4S and iPhone 5 smartphones. Once paired with the phones, users can receive alerts for mails, incoming calls and even locate their lost phones.

Sony also made its own Android-based SmartWatch that came with coloured watchbands, multi-touch colour OLED display, watchband adapter and a USB charger. But it wasn't much of a hit with the masses.

Apples' 6th-generation iPod nano was promoted as a watch of sorts and the company increased the device's popularity by releasing several watch faces for the mini music player. Strangely, Apple discontinued the form factor with the 7th generation iPad nano - could this watch be the reason why?

As of now, we'd take these rumours with a pinch of salt. But if Apple does come up with an 'iWatch', it would be interesting to see if it revolutionises yet another industry.